Investment 20/11/2023

Hong Kong stocks retreated for two consecutive days, with Wednesday's rebound nearly wiped out. After opening 248 points lower, the Hang Seng Index continued to find the bottom, falling as much as 419 points and reaching a low of 17,413 points. It closed at 17,454 points, down 378 points; the Technology Index closed at 3,980 points, down 69 points. The reduction of stock stamp duty from last Friday did not help Hong Kong stock trading, with the main board trading 97.9 billion Hong Kong dollars throughout the day.


 The Hang Seng Index rose 250 points for the whole week; the Tech Index rose 87 points for the whole week. 


The Hang Seng Index has tested 17,000 points three times since the beginning of October without breaking, and the trend is favorable for a rebound. Last week, it rose first and then recovered. It gained and then lost the 18,000 level, and it stayed close to the 20-DMA (17,416). The up and down market pattern has not changed, but the resistance above 18,000 to 18,200 points is not light. Unless it returns above 18,000 in the short term, if it falls below the 20-DMA, the market outlook may once again test the low of 16,879 points on October 24. 


As the market expects the interest rate hike cycle to be over, global market risk appetite has increased, and the US stock market has maintained a sharp rise and a slight correction. However, Hong Kong stocks lack obvious positive factors, and corporate performance has been divergent. After the meeting between the Chinese and US presidents, there was no significant change. With the release of good news, I believe it will be difficult for the index to break through in the short term. Looking ahead to this week, the market focus is on the People's Bank of China. Although the loan prime rate (LPR) announced today is expected to remain unchanged, the outside world is expecting the People's Bank of China to reduce the deposit reserve ratio (RRR) as previously reported by the official media. to increase market liquidity. The overall trend of the market is not very revealing, because even if there is good news recently or the mainland's economic stimulus measures, Hong Kong stocks will rise for a day or two and then "return to their original shape", indicating that everyone wants to sell at a high level and leave the market. 


European stock markets rose across the board, with British, French and German stocks rising 1.26%, 0.91% and 0.84% respectively. 


After rising sharply at the beginning of the week, U.S. stocks consolidated at high levels on Friday, with the three major indexes repeatedly stabilizing. After the Dow opened 19 points higher, the gain expanded to 82 points, reaching a high of 35,028 points, and then fell 62 points to a low of 34,882 points; the S&P 500 fell 0.19%, and the Nasdaq fell as much as 0.35%. 


At the close of the U.S. market, the Dow Jones Industrial Average edged up 1 point to 34,947 points; the S&P 500 gained 5 points to 4,514 points; and the Nasdaq climbed 11 points to 14,125 points. 

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